Williams Percent Range pro

Williams Percent Range with Divergences (Williams %R Div)

Description:
This indicator enhances the traditional Williams %R oscillator by detecting both Regular Divergence and Hidden Divergence directly on the %R line. It helps traders spot potential trend reversals and trend continuations with high precision.

Key Features:

Williams %R calculation (standard, normalized between -100 and 0).

Pivot-based detection of divergences:

Regular Bullish Divergence: Price makes a lower low, but %R makes a higher low → potential upward reversal.

Regular Bearish Divergence: Price makes a higher high, but %R makes a lower high → potential downward reversal.

Hidden Bullish Divergence: Price makes a higher low, but %R makes a lower low → potential trend continuation upward.

Hidden Bearish Divergence: Price makes a lower high, but %R makes a higher high → potential trend continuation downward.

Customizable settings:

Enable/disable Regular and Hidden Divergences separately.

Customize colors for each divergence type.

Visual plotting:

Divergence signals are marked with labels (Bull, Bear, H Bull, H Bear) directly on the %R panel.

Built-in alert conditions:

Instant alerts when a Regular or Hidden Divergence is detected.

Usage Recommendation:

Regular Divergences are best used to anticipate trend reversals.

Hidden Divergences are useful for confirming trend continuations.

Combining divergence detection with key support/resistance levels, candlestick patterns, or moving averages can significantly enhance trading accuracy.